Cox & Kings Ltd 4Q FY17 EBITDA up 81% y-o-y Rs.92 crores


Mumbai, May 29TH 2017: Cox & Kings Ltd., the leading holidays and education travel group having operations in 22 countries today announced its financial results for the fourth quarter and full year ended March 31st, 2017.

4Q FY17 Highlights:


§ EBITDA (excl. forex gain/loss) from continuing operations increased by 31% y-o-y to Rs.92 crores

o Meininger saw its EBITDA double y-o-y, while Visa Services business posted a profit

§ EBITDA (excl. forex gain/loss) including discontinued operations increased by 81% y-o-y

§ PBT (excl. forex gain/loss) before exceptional items came in at Rs.27 crores despite being lean season


§ Net Revenues grew by a healthy 10% y-o-y to Rs.144 crores

§ EBITDA increased by 31% on robust year-end PLB incentives on the back of high business volume growth during the year

FY 17 Highlights:


§ Gross revenues came in at Rs.7,176 crores in FY17, driven by strong growth in C&K India, C&K Dubai and Meininger

§ EBITDA (excl. forex gain/loss) from continuing operations grew by 5% y-o-y to reach Rs.851 crores despite the substantial depreciation of pound sterling (GBP) versus the rupee (a substantial proportion of C&K’s consolidated EBITDA is denominated in GBP)

§ PBT (excl. forex gain/loss) before exceptional items increased by 18% from Rs.489 crores to Rs.577 crores

Standalone (substantially comprises Leisure – India business)

§ Leisure – India gross revenues were up by 9% to Rs.3,117 crores in FY17 on the back of substantial growth in business volume. The outlook for travel remains robust

§ EBITDA (excl. forex gain/loss) grew by 11% to Rs.283 crores in FY17 as margins improved y-o-y despite intense price competition from both offline as well as online players

Management Comments:

Peter Kerkar, Group CEO, Cox and Kings Ltd., said, “It has been a satisfying year. The financial results are testimony to the quality and diversity of our business. Our India business has once again grown ahead of the industry this year and we continue to demonstrate overwhelming margin leadership. Meininger rolled out 1,700 new beds within 90 days in the fourth quarter; we expect to add another 6,600 beds within the next 22 months. Our visa services business has also demonstrated a sharp turnaround this year. FY18 will see strong growth across all our divisions, especially Education, India and Meininger.”





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